Assistant Manager Actuarial - Grade KRC 3C at Kenya Reinsurance Corporation Limited (Kenya Re)

Background Kenya Reinsurance Corporation Limited (Kenya Re) is the oldest Reinsurer in Eastern and Central Africa. It was established through an Act of Parliament in December 1970 and commenced business in January 1971. Kenya Re’s core activity is providing reinsurance services for most classes of business. Since its inception, Kenya Re has p...

 

Assistant Manager Actuarial - Grade KRC 3C

  • Job TypeFull Time
  • QualificationBA/BSc/HND
  • Experience5 years
  • LocationNairobi
  • Job FieldInsurance 

Reports to: Manager Actuarial
Job Purpose.

  • This job role actuary is to provide independent advice on the financial risks facing an insurer; determine profitability and sustainability of coverage of policies. The primary responsibility is to assess and manage the financial risks associated with reinsurance contracts and portfolios.

Primary Responsibilities

Duties and responsibilities at this level will entail: -

  • Participate in interpretation of statutory and regulatory requirements in relation to actuarial functions, capital adequacy, technical provisions, and premium levels.
  • Contribute to the development of new/revised policies/guidelines.
  • Participate in ascertaining premium rates and accurate cash revenues to assist in accurate decision making.
  • Provide technical and analytical support to pricing in the underwriting department.
  • Contribute to actuarial and risk analysis to develop pricing for new and existing products in line with management and corporation’s objectives.
  • Participate in assessing risks associated with different reinsurance contracts and assist underwriters in evaluating their potential profitability.
  • Assist in independent actuarial/underwriting projects.
  • Participate in research on functional issues using a variety of resources.,
  • Analysis of data construction of probability tables to forecast risk and liability to assist in decision making.
  • Develop and train internal and external clients.
  • Prepare actuarial valuation for general and life business lines for quarterly and annual returns.
  • To support the development of new reinsurance products that meet market demands and corporations’ profitability targets by assessing the potential losses and profitability of such offerings/products.
  • Participant in budget process to include projection of future revenue streams and actuarial advisory of the overall business structure.
  • Assist underwriting functions on pricing and or review of life, health and non-life rates.
  • Participate in cross- functional teams to develop enhanced systems/processes/programs/policies to support business needs.
  • Participate in any other related actuarial duties

 Person Specifications

Academic Qualifications

  • Bachelor’s degree in any of the following disciplines: Bachelor of ScienceActuarial Science, Statistics, Mathematics, Risk Management, Insurance or its equivalent from a recognized institution.
  • Master’s degree in Actuarial Science, Statistics, Mathematics, Business  Administration, Strategic Management, Risk Management, Insurance or equivalent from a recognized institution.
  • Must have completed a leadership course not lasting less than two (2) weeks

Professional Qualifications

  • Be a member of Institute of Faculty of Actuaries (IFoA) or its equivalent with a minimum of 13 actuarial papers completed
  • Member of recognized professional actuarial body.
  • Fulfilled the requirements of Chapter six of the Constitution

Experience

  • At least five (5) years relevant work experience with at least one (1) year in management.
  • Demonstratable team management experience and interaction with Board of Directors.
  • Experience in IFRS 17 reporting and modelling will be an added advantage

Other Requirements

  • Possess excellent interpersonal and communication skills.
  • Excellent planning organizing, problem solving and ability to work under pressure to meet deadlines.
  • Team player with excellent analytical and presentation skills.
  • Knowledge of auditing concepts and principles

Method of Application

Applicants should indicate on the CV their current/last salary and whether they are persons living with disability. They should post or email as attachments their CV and cover letter quoting the relevant Job Ref No. outlining how they meet requirements for the position to: -

The Human Resource Manager
Kenya Reinsurance Corporation Limited
P. O Box 30271, 00100 GPO NAIROBI
E-mail: hr@kenyare.co.ke Closing Date: 21st November 2024

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